Bupa to complete acquisition of leading Australian and New Zealand dentistry group

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Friday, 7 June 2013

Bupa, the international healthcare group, is set to complete its full acquisition of Dental Corporation, Australia and New Zealand’s largest dental group, comprising 190 clinics and more than 560 dentists.

The Supreme Court of Victoria in Australia today approved the deal after the ownership change was overwhelmingly supported by Dental Corporation’s shareholders last week.

The acquisition will strengthen and diversify Bupa’s existing healthcare offering in Australia and New Zealand, which already includes private health insurance, care homes, retirement villages, personal medical alarms, health coaching, opticians and corporate health services. 

Bupa acquired 100% of the shares in Dental Corporation.  The transaction will be funded through a payment equal to 84.4% of the company’s value, totalling £244m (AUD $374m).  The remaining 15.6% will be payable to the dentists and the management team over a three year period. 

Dean Holden, Managing Director of Bupa Australia and New Zealand, said:

“I’m delighted to welcome Dental Corporation into the Bupa family. Dental Corporation is a strong and successful business with enormous scope to accelerate its profitability, footprint and service offerings.

“However, our immediate priority is to work with its senior management and dentists to seamlessly connect the Dental Corporation and Bupa business as soon as possible.

 “Bupa already provides dental services to many thousands of people in a number of countries, and we see this acquisition as being core to our future ambition, and to bringing our purpose - longer, healthier, happier lives - to more people.”

 This latest acquisition follows Bupa’s announcement in July 2012 of a multi-million pound investment that will see Bupa UK become one of Britain’s largest private dental chains by 2015.  In Spain, a £57m (€70m) investment in Bupa’s dental business will take the company’s Spanish dental network to 200 dental centres by 2014.